Virginia Port Authority Financial Statements for the Year Ended June

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Virginia Port Authority Financial Statements for the Year Ended June VIRGINIA PORT AUTHORITY © Comprehensive Annual Financial Report For Fiscal Year ended June 30, 2020 The Virginia Port Authority is a component unit of the Commonwealth of Virginia. COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE VIRGINIA PORT AUTHORITY A COMPONENT UNIT OF THE COMMONWEALTH OF VIRGINIA FOR THE FISCAL YEAR ENDED JUNE 30, 2020 Prepared by The Finance Division of the Virginia Port Authority TABLE OF CONTENTS Pages INTRODUCTORY SECTION Letter from the CEO and Executive Director 1 – 2 Letter of Transmittal 3 – 6 GFOA Certificate of Achievement 7 Board of Commissioners 8 Organizational Chart 9 FINANCIAL SECTION Independent Auditor’s Report on Financial Statements 10 – 12 Management’s Discussion and Analysis 13 – 22 Financial Statements: Statement of Net Position 23 – 24 Statement of Revenues, Expenses, and Changes in Net Position 25 Statement of Cash Flows 26 – 27 Statement of Fiduciary Net Position 28 Statement of Changes in Fiduciary Net Position 29 Notes to Financial Statements 30 – 71 Required Supplementary Information 72 – 76 STATISTICAL SECTION Net Position by Component 77 Historical Statements of Revenues, Expenses, and Changes in Net Position 78 Historical Revenue Comparisons 79 Historical Debt Issuances 80 Debt Service Payment Requirements 81 – 83 Ratio of Outstanding Revenue Bonds, Master Equipment Lease Financings, and Notes Payable by Type to Operating Revenues 84 Outstanding Debt by Type 85 Historical Debt Service Coverage Ratios 86 Operating Results and Debt Service Coverage 97-5 87 Operating Results and Debt Service Coverage 16-9 88 Demographic and Economic Information 89 – 91 Twenty-Foot Equivalent Unit (TEU’s) Container Throughput 92 Calendar Year 2019 Trade Overview 93 – 97 Other Operational Information 98 Capital Assets 99 Operating Assets 100 Consolidated Statement of Revenues, Expenses, and Changes in Net Position 101 Consolidated Net Position by Component 102 COMPLIANCE SECTION Continuing Disclosure Agreement Annual Report (Commonwealth Port Fund Revenue Bonds) 103 – 111 Continuing Disclosure Agreement Annual Report (Port Facilities Revenue Bonds) 112 – 121 INTRODUCTORY SECTION John F. Reinhart CEO/Executive Director September 29, 2020 Dear Customers, Stakeholders and Port Partners: FY2020 was a watershed year for The Port of Virginia®: we made significant progress on the capacity expansion project at Norfolk International Terminals (NIT) with the work quickly nearing completion; Portsmouth Marine Terminal became a dedicated multi-use terminal available for project and other non- container business; we generated positive operating cash flow of $133 million, and grew our liquidity by $25 million. We achieved all of this and much more while focusing on the health and safety of our team and stakeholders in the midst of a global pandemic and depressed shipping volumes. In addition to our land-side achievements, our effort to make Virginia home to the deepest commercial port on the U.S. East Coast is underway and progressing ahead of schedule. Our vision of a Norfolk Harbor that is 55 feet deep and served by channels wide enough to safely accommodate two-way traffic of the biggest ships afloat is becoming a reality that no other East Coast port will have. With the support and governance of Gov. Ralph S. Northam, Transportation Secretary Shannon Valentine, the Virginia Legislature and the Virginia Port Authority Board of Commissioners, we are looking beyond the limitations of the current environment and diversifying our capability like never before. We are helping Virginia to become a load-center for the growing Mid-Atlantic offshore-wind industry, we are innovating ways to enhance productivity in spite of the pandemic, and we are preserving the port and Commonwealth’s sustainability through well-informed investment and responsible management of the capital that has been entrusted to us. With the substantial completion of the NIT expansion we have created the capacity to process 1 million additional container units annually through our primary container terminals. We are leveraging our technology investments to improve the delivery of service and efficiency -- and our focus on safety is steadfast. The result is sustainable cost advantages for our stakeholders, economic investment and job creation across Virginia and the growing reputation of a world-class port. Some of the more notable highlights from the 12 months that ended June 30, 2020, include: July 2019 Following three years of construction, Virginia’s Governor and several dignitaries meet at Virginia International Gateway (VIG) to christen the newly-expanded terminal, one of the most modern in the Western Hemisphere. August 2019 The port, as part of a group of maritime industry partners, supported relief efforts for the Bahamas following Hurricane Dorian. The port collaborated with partners from across the industry to fill shipping containers with essentials to support those in need. September 2019 The 2019 Lloyd’s List Port Management and Infrastructure Americas Award goes to The Port of Virginia for its VIG infrastructure project: a three-year, $312 million investment that reimagined and reengineered one of the nation’s most modern terminals. 1 October 2019 The port signs the contract to begin dredging on the 55-foot project, deepening the western side of the Thimble Shoal Channel to 56 feet. The $350 million project includes dredging shipping channels to 55 feet and widening the channel to more than 1,400 feet in specific areas. When complete as early as 2024, the Norfolk Harbor commercial channels will simultaneously accommodate two, ultra-large container vessels. December 2019 The port’s journey to becoming the deepest port on the U.S. East Coast gets underway as dredging begins nearly two-and-a-half years ahead of schedule. When dredging is complete as early as 2024, Virginia will be home to the deepest commercial port on the U.S. East Coast. A study conducted by The College of William & Mary that focuses on the overall value of the port to the Virginia economy during fiscal year 2018 (FY2018) shows the port is responsible for more than 397,000 jobs and $92 billion in total spending. January 2020 The Port of Virginia sets a new annual record for container cargo volume, having handled nearly 3 million TEUs (twenty-foot equivalent units) in 2019, a 3 percent increase over 2018. March 2020 The port responds immediately to the COVID-19 pandemic by implementing a cross-divisional planning and response team utilizing its Continuity of Operations Plan, which provides the framework for managing events that have a significant impact on port operations. The Port of Virginia terminals and facilities are categorized as critical infrastructure and continued to operate at full capacity, executing on the port’s “critical cargo initiative” to support the flow of needed COVID-19 tests and medical supplies. We have been blessed with a deep natural harbor that is 18 miles from the open water of the Atlantic Ocean and within a day’s drive of two-thirds of the nation’s population. From a manmade perspective, we have the versatility to handle anything from automobiles to coffee to military cargo to grain and components for the development of massive offshore wind turbines. We have double-stack, on-dock rail service provided by the East’s two Class I railroads, Norfolk Southern and CSX, which gives us reach into many important Midwestern populations and manufacturing centers. We refuse to be limited by the challenges of today. We will sustain our capital, protect our people, invest in tomorrow, and maintain a faithful allegiance to our ultimate mission: Deliver opportunity by driving business to, and through, the Commonwealth Sincerely Yours, John F. Reinhart CEO and Executive Director Wider, Deeper, Safer ® is a trademark of Virginia Maritime Association and is used with permission. 2 Rodney W. Oliver Chief Financial Officer September 29, 2020 Board of Commissioners Virginia Port Authority 600 World Trade Center Norfolk, VA 23510 Dear Commissioners: The Comprehensive Annual Financial Report (CAFR) of the Virginia Port Authority (“VPA” or “the Authority”) for the fiscal year ended June 30, 2020, as required by §62.1-139 of the Code of Virginia for submission to the Governor and General Assembly on or before November 1 of each year, is hereby submitted. Responsibility for both the accuracy of the data and the completeness and fairness of presentation, including all disclosures, rests with the Authority. To the best of our knowledge and belief, the enclosed data is accurate in all material respects, and is reported in a manner designed to present fairly the financial position and results of operations of the Authority taken as a whole. All disclosures necessary to enable the reader to gain an understanding of the Authority's financial activities and operations have been included. Management is also responsible for establishing and maintaining internal controls over its operations. Internal controls are designed to provide a reasonable, though not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition and that financial transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. Management strongly believes that the inherent financial accounting controls coupled with the independent financial audit performed by the Authority's independent financial auditors, the auditors
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